Beating Up Big Tech

In the early days of the Internet, the concept of what can and should be published–and who is responsible for it–troubled authorities. Despite a key 1996 law that seemed to address the issue, more than two decades of explosive growth in the amount of information available online has exacerbated that concern, and prompted new ones. […]

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The Fed, Inflation and Too Much Money?

Since the end of the Great Recession in 2009, inflation has remained stubbornly low. Even after ten years of economic growth and an unprecedented injection of money into the economy, inflation has consistently remained below the Federal Reserve’s stated target of two percent per year. The causes of this weakness are a matter of intense […]

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The Evolving Landscape of Healthcare in the U.S.

Healthcare is a complex, highly regulated, and expensive institution, accounting for a whopping $3.5 trillion of spending per year.  According to the Centers for Medicare & Medicaid Services (CMS) national healthcare expenditures are expected to grow faster than the overall economy, at an average of 5.5% annually from 2018 to 2027.  If that comes to […]

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2019 – The Year Ahead

The year just ending was everything the previous year was not.  Instead of steady double-digit returns in the U.S. stock market, investors saw returns evaporate, accompanied by a dramatic increase in volatility. After starting the year with a bang in response to positive expectations about corporate tax law changes, the stock market pulled back sharply […]

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5G Wireless

Companies that develop or benefit from wireless technology have had a place in BTR’s portfolios for years.  In the most advanced economies, smart phones are ubiquitous, and they are becoming ever more prevalent in developing economies, so the theme is maturing.  As we embark upon the fifth generation of wireless technology, a.k.a. 5G, it behooves […]

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Cancer: A New Game

“Cancer didn’t bring me to my knees, it brought me to my feet.”                                                               Michael Douglas, Actor The medical community is in the midst of […]

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Autonomous Vehicles

“I thought cars were the dominant lifeform.  I was trying to introduce myself.”                                                             Douglas Adams, The Hitchhiker’s Guide to the Galaxy As investors in an […]

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2018 – The Year Ahead

What a year 2017 turned out to be for the financial markets.  It began with both hope and trepidation on the part of many regarding the uncertain economic and political environment following the U.S. Presidential election.  It is ending as one of the strongest years for the stock market since the Great Recession. What caused […]

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Entertainment 2.0

In the past two decades, the Internet has had a radical impact on a number of industries.  This year has continued to highlight the already fairly obvious damage to traditional, even iconic, retailers.  Our focus for this Investment Strategy Update, however, is on the less obvious conflict in the entertainment industry, where the old guard […]

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Millennials: What Goes Around…

“This generation of Americans has a rendezvous with destiny.” – F.D.R. More than eighty years ago President Roosevelt used these words to describe the young men and women coming into adulthood between the later years of the Great Depression and the beginning of WWII.  The profound changes that occurred during the years of this “Greatest […]

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